Wells Fargo plans $1 billion philanthropic initiative
Wells Fargo & Co. said Tuesday it and the Wells Fargo Foundation will commit $1 billion in philanthropic spending through 2025 to address the U.S. housing affordability crisis, including homelessness, available and affordable rentals, transitional housing and home ownership.
The bank lists 50 groups in Forsyth County that currently benefit from its philanthropic initiatives. It has not listed which groups, if any, could receive funding from the latest initiative.
Since 2017, Wells Fargo have given more than $200,000 to organizations in the Triad focused on addressing affordable housing, including Habitat for Humanity, Community Housing Solutions, Financial Pathways of the Piedmont, Lexington Housing Community Development Corp. and Low Income Housing Opportunities, spokesman Josh Dunn said.
The initiative also will target financial health and small business growth with what will represent about 2% of its after-tax profits.
Wells Fargo said Brandee McHale will join the company to head the Wells Fargo Foundation, effective Aug. 1. McHale brings more than 30 years of experience in public and private philanthropy to Wells Fargo, most recently as head of corporate citizenship at Citigroup Inc. and president of the Citi Foundation.
The bank’s plans include a $20 million housing affordability challenge aimed at “uncovering new, more rapid ways to increase the availability and sustainability of affordable housing.”
For an overview of Wells Fargo’s philanthropic strategy and a look at the local community impact, go to www.wellsfargo.com/impact.
PNC Financial holds 17.2% stake in Kontoor Brands
Kontoor Brands Inc., a jeanswear company that was spun out of VF Corp. on May 23, disclosed in a regulatory filing Tuesday that PNC Financial Services Group Inc. has a 17.2% ownership stake.
Kontoor shareholders received one share for every seven shares of VF they owned.
PNC and affiliates hold 9.76 million shares.
Kontoor listed Monday that BlackRock holds an 11.6% ownership stake, or 6.55 million shares. There are 55.62 million outstanding shares.
Atlantis Foods buys
High Point property
Atlantis Foods Holdings LLC of Clemmons has spent $300,000 to purchase a vacant 1.9-acre lot in High Point, according to Guilford County Register of Deeds filing Tuesday.
The property is at 101 Coltrane Ave. The seller is Mr. Spiros Inc. of Trinity.
Kontoor to include Lee
in Jeansboro Day
Kontoor Brands said Tuesday that it will hold its fifth annual Jeansboro Day events from 4 to 7 p.m. June 19 at LeBauer Park in Greensboro.
It is the first time Lee will be featured at the event.
The event coincides with the opening of the Lee and Wrangler Hometown Studio at 300 S. Elm St. The studio features apparel from both brands for sale.
Proceeds from the sales of the limited-edition ‘Jeansboro Day’ T-shirt, as well as an additional monetary donation, will be made the brands to the local Greensboro nonprofit Backpack Beginnings.
The organization also operates food pantries and a free clothing pantry.